Approximately 60% of Venture Company CEOs Respond that 'Stricter Listing Maintenance Standards on the Tokyo Stock Exchange Growth Market are Affecting Future Business Plans and Financing (Exit) Strategies.' Hurdles in Building Relationships with Business Companies Also Highlighted.

FINCHI Inc. (Finch, Headquarters: Shinjuku-ku, Tokyo, Representative Director: Ken Inoue, hereinafter "FINCHI"), which develops and operates the finance platform "FINCHI" that directly connects companies considering investment and M&A, with the vision of "Evolving Finance into a Beginning," conducted a "Survey on Venture Company Financing Strategies" in May 2026 targeting 412 venture company CEOs (including former CEOs).

The survey results showed that approximately 60% responded that "the de facto tightening of listing maintenance standards (market capitalization of 10 billion yen or more, applicable from March 2030, hereinafter 'TSE Reform') is affecting future business plans and financing (exit) strategies." Furthermore, among those who answered that 'TSE Reform' is affecting their company's financing strategy, over 80% believe that "building relationships with decision-makers such as presidents and executives of business companies from an early stage is important for venture company financing strategies." This reveals that the importance of 'building relationships with business companies' is increasing for venture companies in response to 'TSE Reform.'

Additionally, when assuming the exploration and promotion of partnerships or group entry through M&A with business companies, the second most common "biggest challenge (hurdle)" cited was "lack of opportunities and networks to meet suitable business companies," following "lack of human resources in management." Moreover, two of the top three most difficult phases in the M&A and capital alliance process were "initial contact and appointment acquisition" and "searching for target companies and creating a long list," which are pre-matching stages. This highlights the current challenges venture companies face in "matching with business companies" when considering their future financing (exit) strategies.

<Survey Overview>

Survey Name: Survey on Venture Company Financing Strategies

Survey Period: May 12 (Tue) - 13 (Wed), 2026

Survey Method: Questionnaire Collection

Survey Target: 412 venture company CEOs (aged 20s to 60s)

Survey on Venture Company Financing Strategies / Topics

1. 'TSE Reform' Affects Venture Company Financing Strategies! It's Clear that 'Building Relationships with Business Companies' is Becoming More Important for Venture Companies

2. Challenges in "Matching with Business Companies" in Venture Companies' Financing (Exit) Strategies Highlighted

3. In the Venture Industry Entering a Transition Period Due to 'TSE Reform,' What is Now Needed is "Direct Matching Between Companies Based on Synergy Creation"

4. From Ken Inoue, Representative Director and CEO of FINCHI Inc.

Survey Results / Venture Company Financing Strategies

1. 'TSE Reform' Affects Venture Company Financing Strategies! It's Clear that 'Building Relationships with Business Companies' is Becoming More Important for Venture Companies

As a result of the survey, approximately 60% of venture company CEOs responded that "'TSE Reform' is affecting their company's financing strategy." Of these, 81.5% answered that "in response to 'TSE Reform,' there has been a change in the target partners to build relationships with in their corporate growth strategy." Furthermore, over 80% of venture company CEOs (including former CEOs) who answered that 'TSE Reform' is affecting their company's financing strategy believe that "building relationships with decision-makers such as presidents and executives of business companies from an early stage is important for venture company financing strategies." This suggests that many venture company CEOs are emphasizing connections with business companies for future growth in response to 'TSE Reform.'

2. Challenges in "Matching with Business Companies" in Venture Companies' Financing (Exit) Strategies Highlighted

In response to 'TSE Reform,' while the movement to seek connections with business companies is accelerating among venture companies, the "lack of opportunities and networks to meet suitable business companies" was the second most cited "biggest challenge (hurdle)" when assuming the exploration and promotion of partnerships or group entry through M&A with business companies, following "lack of human resources in management, insufficient time to allocate to complex negotiation of terms." Moreover, when venture companies consider fundraising from business companies or group entry through M&A, the first and third most difficult phases in the M&A and capital alliance process were "initial contact and appointment acquisition with decision-makers" and "searching for target companies and creating a long list," respectively. This highlights the current challenges venture companies face in the matching phase when considering their future financing strategies.

3. In the Venture Industry Entering a Transition Period Due to 'TSE Reform,' What is Now Needed is "Direct Matching Between Companies Based on Synergy Creation"

When venture company CEOs (including former CEOs) who answered that 'TSE Reform' is affecting their company's financing strategy were asked about their interest in a "mechanism that recommends business companies with high potential for synergy creation based on company data, using algorithms and expert knowledge, and directly matches them," over 80% (83.2%) responded that they "would proactively consider utilizing it."

Amidst the highlighted challenges in the matching phase of venture company financing strategies, it is evident that many venture company CEOs are seeking opportunities to be matched with business companies that fit their needs.

4. From Ken Inoue, Representative Director and CEO of FINCHI Inc.

In response to the tightening of listing standards, corporate financing strategies are diversifying. Precisely because we are in an era of diversifying strategies, we need to match companies that will serve as the "entry point" to the next stage of growth.

Following the tightening of listing maintenance standards applicable from March 2030, corporate financing strategies are expanding beyond "independent growth through listing" to include diverse options such as capital alliances and M&A with business companies. This survey revealed that while the number of executives emphasizing relationship building with business companies is increasing amidst this diversification trend, the challenge of "lack of opportunities and networks to meet suitable partners" has been highlighted. In other words, the more strategies diversify, the higher the demand for highly accurate matching between companies.

As a finance platform, FINCHI will provide a space that directly connects companies. We aim to transform finance from a mere "exit" into an "entry point" for companies to advance to their next stage of growth. We will support this change.

Ken Inoue Director and CFO, REAZON HOLDINGS Inc.

Representative Director and CEO, FINCHI Inc.

Passed the certified public accountant examination while in university and joined Azusa & Co. (now Mizuho & Co.). Engaged in audits and various advisory services in the international department. Subsequently, experienced IPO on the Mothers market (now TSE Growth Market) and buyout by a US company at two venture companies.

Currently serves as CFO for REAZON HOLDINGS Inc. for the entire group.

Graduated from Keio University, Faculty of Business and Commerce.

About FINCHI

"FINCHI" is a finance platform that directly connects companies considering fundraising or business sales (fund demanders) with companies considering investment or business acquisitions (fund providers).

Background of the Service

In recent years, options such as investment from business companies and M&A have steadily expanded in corporate finance strategies. We believe there is room to further accelerate these positive movements and broaden the base for companies to encounter growth opportunities.

To support this expansion, FINCHI has been developed as a finance platform that directly connects fund demanders and fund providers. By making the fund provider side a strictly vetted system, we realize a highly reliable environment, and through intuitive information dissemination using videos by fund demanders, we make it easier to convey the appeal and potential of companies.

FINCHI views finance not merely as an "exit" but as an "entry point" for companies to advance to their next stage of growth. By creating more positive financing opportunities and expanding high-quality encounters between companies, we will provide a new form of finance that supports corporate growth.

To Media Representatives

For interview requests regarding this matter or other inquiries, please contact the public relations contact below.

FINCHI Inc. Public Relations: pr_finchi@finchi.co.jp

Company Overview

FINCHI Inc., with the vision of "Evolving Finance into a Beginning," develops and operates the finance platform "FINCHI" that directly connects companies considering investment and M&A.

Company Name: FINCHI Inc.

Representative: Ken Inoue

Headquarters: 1-22-5 Yotsuya, Shinjuku-ku, Tokyo 160-0004

Established: December 2024

URL: https://finchi.co.jp/

Contact: https://finchi.co.jp/contact/user-form